Real estate blog entries tagged with chicago real estate alert by Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL)

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chicago real estate alert: CHICAGO PROPOSED NEIGHBORHOOD PROJECT SPURS DEBATE - City, or Neighborhood - What Takes Priority? - 04/13/08 03:35 AM

Residents of Chicago's Logan Square Neighborhood protested in the rain yesterday morning, in the shadow of the historic Illinois Centennial Column, on Logan Boulevard at Milwaukee Avenue.
Their concern - the City of Chicago's plan to turn a long-abandoned department store building into a Community Arts Center, plus about 28 units of affordable housing. The community group would rather see more affordable housing - 47 units - but no Community Center.
Logan Square ethnically-diverse city neighborhood, about 6 miles northwest of Downtown Chicago and The Loop. Proximity to downtown is unequalled - from the neighborhood, it is easy to hop on the Kennedy Expressway (I-94), … (0 comments)

chicago real estate alert: CHICAGO'S LAKE SHORE DRIVE - Famous Local Roadway One Bumpy Ride Today! - 04/07/08 03:52 PM

"There's a Road I'd Like to Tell You About . . . It's in My Home Town. Lake Shore Drive the Road is Called and It'll Take You Up and Down . . ."
That 1972 song, by Aliotta, Haynes, and Jerimiah, is still in every Chicago baby boomer's head as they travel this famous roadway north or south of downtown Chicago. Truly, it is a memorable, beautiful road.
But, in 2008, it's a very rocky road!
The Chicago Department of Transportation patched over 800 potholes on the far north end of The Drive this winter - mostly north of Irving Park Road in Chicago's … (2 comments)

chicago real estate alert: CONSUMER CREDIT EVALUATION, Recently Based Solely on FICO, Now Adding an Old-Fashioned Enhancement! - 04/06/08 04:19 PM

For the last few years, those wanting to buy a home simply had to have their FICO score taken and evaluated. For some, limited analysis was given to income, assets, job status, potential equity, recent credit habits, and other factors which could predict the likelihood of a borrower to pay his bills on time.
Now, with loan defaults and foreclosures continuing to rise, many lenders are looking to a few old-time indicators of credit behavior.
Fair Isaac, creator of the FICO Score, is beginning to add predictive behavior like bad-check writing, and utility bill payment history, into their credit screen formula. Experian and … (1 comments)

chicago real estate alert: CHICAGO HAS TWO SEASONS - Winter, and ROAD CONSTRUCTION! - 04/05/08 03:47 AM

Good morning, folks!
It's a beautiful, sunny, yet cool day here in Chicago - think I'll take in a couple of innings at Wrigley Field this afternoon. With any luck, not another Chicago Cubsstink-a-roo today!
No, contrary to what my father, and my grandfather, told me and us kids many years ago - Chicago actually does have FOUR seasons. But this time of year, as road crews plan for their annual work, and we drivers' annual pain, you have to wonder, sometimes!
I don't know what it's like by you folks, but it seems, every year in Chicago and nearby, there is one major … (0 comments)

chicago real estate alert: HOMEOWNERS DEFAULT, BANKS FORECLOSE AND OWN THE HOME. Then What Happens? - 04/02/08 03:32 PM

Here is yet another troubling angle to the surge in foreclosures over the past year.
Across the country, and here in Chicago, banks, large and small, are finding themselves with nearly double the number of REO homes in their portfolio than just one year ago. (REO stands for "Real Estate Owned" by banks, after they foreclose on property).
In many of the weaker housing markets across the country, where lenders see gloomy prospects for price recovery near and mid-term, lenders are dumping these homes for whatever they can sell them for. This behavior has the potential for further depressing housing properties in local or … (0 comments)

chicago real estate alert: U.S. Treas. Sec'y Paulson - "Financial Regulatory System Overhaul?" Not So Fast! - 04/01/08 01:38 PM

Hey, hey, gang!
The latest plan out of Washington, as you have surely heard, calls for a massive re-structuring of the nation's regulatory scheme for U.S. Financial Markets. The states, in many cases, would be usurped, eventually, by a centralized federal structure to oversee Deposit Institutions, such as banks, Insurance Companies, and providers of Financial Services.
Treasury Secretary Henry Paulson was the first to admit these very meaningful moves will do little directly to ease the Housing Crisis, both here in Chicago and across the country. But it could provide national oversight necessary to help prevent another meltdown of the magnitude affecting first … (1 comments)

chicago real estate alert: MORTGAGE FRAUD - Same Old Scam Continues, New Tragic Victims! - 03/30/08 10:10 AM

I read Amy Le's Homescape Blog yesterday, and was distressed to hear the same old mortgage scam continues unabated.
California Authorities have indicted Charles Head, of Los Angeles, of defrauding over 100 homeowners, and raking in $12 Million in loan proceeds in this familiar scheme. The same scenario has played itself out across the country over the years - including here in Chicago - but the shear volume of new foreclosures, loan resets, and borrowers in over their head in debt makes the scam even harder to stomach.
He and his "investors" would prey on those who have fallen behind in their mortgage payments. … (0 comments)

chicago real estate alert: IT'S NEARLY EARTH HOUR IN CHICAGO! 34 Cities Worldwide Show Support for Greenhouse Gas Reduction! - 03/29/08 12:13 PM

Are you celebrating, or have you celebrated, Earth Hour, tonight at 8 o'clock?
To support efforts to reduce Greenhouse Gases, and their possible effect on Global Warming, The World Wildlife Fund is sponsoring the awareness campaign all over the world tonight. Between 8 and 9 PM, all many private and public buildings will go dark in support.
Most McDonald's Restaurants plan to participate. Many well-known buildings, and government complexes, as wll as hundreds of private businesses, will get involved.
Here in Chicago, the famous Sears Tower and John Hancock Buildings will darken at 8 for an hour. So will the Merchandise Mart - its … (3 comments)

chicago real estate alert: HOMEOWNERS: Owe More Than Your Home is Worth? FHA Might Come to the Rescue! Perhaps, That Is! - 03/28/08 11:49 AM

Great debate and no shortage of proposals on what to deal with the Mortgage Crisis. It's sure to become an even hotter topic as the General Election draws near in November.
While Senators Clinton, Obama, and McCain unveil their plans, and ratchet up their accompanying rhetoric, the White House, Congressional Democrats, and HUD are working on separate plans to help those homeowners that owe more to their lender than their home is worth in today's Real Estate Market.
In the olden days - say, 2005 - refinancing was easy, as appreciation was steady, year upon year, for many years. With appreciation slowed to a … (0 comments)

chicago real estate alert: FEBRUARY, 2008 HOME SALES SHOW GAIN NATIONALLY - How About Chicago? - 03/25/08 02:21 PM

Our Town, Chicago, was not affected as much by real estate speculation, and the resulting huge quantum leaps in property values, as some other major markets were - Las Vegas, Phoenix, Miami, and parts of California. Although Chicago is going through a bit of price retrenching of it's own now, recent numbers from The National Association of Realtors provide a bit of hope.
Please first see our BlogChicagoHomes.com post from yesterday, March 24th, talking about the February versus January, 2008 2.9% Unit Sales Gain across the U.S. This was the first monthly unit-sales gain since last July.
Despite the favorable February numbers, … (0 comments)

chicago real estate alert: "AUTOMATIC" APPRAISALS? No More, if New Standards from NY Settlement Become the Norm! - 03/25/08 01:56 PM

Hey, everyone!
If you've been in Real Estate for a while, you've most likely encountered lenders who select appraisers to value property. Although they were never supposed to, I'm sure they had an "understanding" with the appraisers they selected that the property would appraise out for the purchase price - no less! Here in Chicago, I've seen this happen, more than once, over a decade and a half in the real estate business.
Many "in the know" feel rampant over-valuation within the last few years may have been a key contributing factor to widespread loan delinquencies we are experiencing today, and, perhaps, some current over-compensation, … (5 comments)

chicago real estate alert: HOME SALES UP IN FEBRUARY! Are Falling Prices Increasing Demand? - 03/24/08 10:25 AM

Good Afternoon, Everyone!
By now, you must have heard or read National Association of Realtors Chief Economist Lawrence Yun, and his comments on the increase in the sale of Existing Homes for February, 2008. Revised NAR statistics show a 2.9% increase in units sold during February. The last time unit sales increased, it was about 90 degrees outside, and we were cooking steaks on the BBQ - July, 2007.
Indeed, prices have dropped a historic 8.2% in the year ending February, 2008. One year ago, the Median U.S. Home sold for $213,500. Today, that same home would cost $195,900. Units sold dropped 24 … (1 comments)

chicago real estate alert: 9,600 "Declining Market" Zip Codes Make Housing Recovery Tougher for Many! - 03/21/08 10:36 PM

Is YOUR Market Area on the List?
Several Mortgage Insurance Providers, including AIG United Guarantee, are toughening their MI Underwriting Rules in areas which it considers "Declining." In these zip codes, it will be tougher for those with low down payments on their new homes, or low equity in existing homes they wish to re-fi, to get new financing. More stringent rules apply to those seeking certain adjustable rate loans, or purchasers on non-owner-occupied investment properties.
See the entire AIG Declining Markets list here.
Those with FICO Credit Scores under 620 will have difficulty getting Mortgage Insurance at all. If you have a FICO … (4 comments)

chicago real estate alert: ANOTHER 6" CHICAGO SNOWFALL? You've Got to be Kidding Me? - 03/19/08 03:29 PM

Hey, everyone!
The Winter That Never Ends continues here in Chicago, even through Friday, March 21st - the first official day of Spring, 2008.
Man, I am getting blue! And, you know, so are my clients! Even here in Chicago, where we are quite used to it, only the die hards (and those very motivated) search the housing market in the middle of a moderate snowfall! (It's a great time for geo-farming, however - everyone else is hunkered down).
Starting Thursday night, the National Weather Service is predicting another possible six inches of snow to fall in the city and suburbs. More is predicted … (1 comments)

chicago real estate alert: FACING FORECLOSURE, Some Now Simply WALK AWAY! - 03/18/08 05:18 PM

This is a troubling story, and a troubling trend. Brian Ban, one of the Top Producers in our Keller Williams Office here in the Lincoln Square Neighborhood of Chicago, brought it to our attention.
It's even more troubling that I can understand the logic behind the defaulting borrower's decision, as he faces foreclosure. I can see their logic - and that is what is frightening!
What goes up higher, comes down faster, and harder. So spins the Northern California Real Estate Market in 2008. Here, the foreclosure rate in some areas is among the highest in the country, and many recent home buyers are … (6 comments)

chicago real estate alert: OVER 65? You Now Can Ride FREE on Chicago-Area Mass Transit! - 03/17/08 03:18 PM

Good Evening, folks! We hope, tomorrow morning, bright and early, you'll still have Fond Memories of St. Patrick's Day, 2008!
Coincidentally, I heard the old 1970's Edgar Winter Group song, "Come On and Take A Free Ride," on the XM Satellite Radio 70's Channel on the way home from the office tonight. It would have been cliche to refer to it here - until I remembered that many of today's seniors might have fond memories of that great 1973 song from their youths!
THAT SONG WAS A HIT 35 YEARS AGO - many reading this post WEREN'T EVEN BORN YET! What a Reality … (2 comments)

chicago real estate alert: More Sellers, Unable to Sell, Turn to Renting Their Homes, Condos! - 03/16/08 03:10 PM

More and more, as the Chicago Real Estate Market continues at a comparatively sluggish pace, several of our seller clients are considering renting their existing homes - rather than risking vacancy, or becoming more frustrated, in their opinion, continuing to try to sell them.
For some, not inclined or with the experience or mentality to be landlords, the answer is pretty clear cut - reduce your price to sell, and MOVE ON!
But for some of the others, renting is a good option for them. It's a good option, however, only if they understand the following-
1. Stable tenants require leases - at least … (3 comments)

chicago real estate alert: "THE MONEY'S NOT IN YOUR HANDS, TIL IT'S IN YOUR HANDS!" Sold Homes Going to Close Not Guaranteed Anymore! - 03/16/08 05:58 AM

Enjoying Sunday, folks! Good!
As for me, I'm posting on my AR Blog. You?
As a real estate practitioner, we learn early to take nearly every sale with a grain of salt. Negotiate a contract? I bet you don't figure out your compensation until inspection and loan commitment are complete, right?
If you used to - you don't anymore! Especially, in this Real Estate Market, Version 2008!
Today - in the Chicago Market, and I am sure where you are, too - two big road blocks most often come between your signed contract for sale, and your closing - Inspection Issues, and Financing Issues.
Sure, … (4 comments)

chicago real estate alert: IT'S DOWN TO ONE OF THREE! Which POTUS, if Any, Can Turn Around The Real Estate Market? - 03/15/08 03:54 PM

Oooooh - this one is loaded!
Please, folks, no political, evangelical, or red-state-versus-blue-state tirades here.
But now, bearing unforeseen circumstances, we're down to one of three 2008 Presidential Candidates that will be the Leader of the Free World this time next year.
Which Presidential candidate, if elected, would be the best friend to Homeowners? To Real Estate Investors? To we Real Estate Practitioners?
Or, does it really make a difference? Is this a situation far too big for any one new president, with his or her Team, to tackle within the coming few years?
John McCain, best I can tell, hasn't really promised much of anything … (8 comments)

chicago real estate alert: NEW CHICAGO REAL ESTATE TRANSFER TAX FINALLY SET - Buyer and Seller to Now Pay! - 03/15/08 11:16 AM

Hope you're enjoying the weekend, folks!
Effective April 1st, a new, higher Chicago Real Estate Transfer Tax takes effect. Under the new law, the tax here increases from it's current $7.50 per thousand of purchase price, up 40%, or $3.00, to $10.50/M. For many years, this Chicago Tax has been the responsibility of the BUYER of the property. Hence, a family purchasing a $400,000 home here would have to pony up an additional $1,200 to allow the deed to record.
Now, according to near-unanimous action by the Chicago City Council this past Wednesday, the BUYERS keep the same tax bite. But, by law, … (4 comments)

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